WASHINGTON, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The Global Biosimilars Market size is expected to reach USD 103.94 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 25.6% during the forecast period. Market growth for Biosimilars is due to the increasing cases of chronic diseases with high demand of biosimilars as they are cost effective. Additionally, regulatory approval as well as other regulations favouring the biosimilars adoption in several countries is a major factor boosting Biosimilars Market. However, complexities in development & manufacturing of the biosimilars coupled with resistance from reference biologic manufacturers, restraining the market growth, states Vantage Market Research, in a report, titled: “Biosimilars Market by Product Class (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-Inflammatory Agents), by Application (Blood Disorders, Growth Hormonal Deficiency, Chronic and Autoimmune Disorders, Oncology), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size valued at USD 28.46 Billion in 2021.
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List of Prominent Players in the Biosimilars Market:
- F. Hoffmann-La Roche Ltd. (US)
- Sandoz International GmbH (Switzerland)
- Dr. Reddy’s Laboratories Ltd. (India)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Pfizer Inc. (US)
- Samsung Bioepis (South Korea)
- Biocon (India)
- Mylan N.V (US)
Market Dynamics:
Cost Effectiveness of Biosimilars to Boost the Market Demand
American Journal of Managed Care stated that, biosimilars are priced approximately 20-30% less than the branded counterparts which is resulting as both cost savings as well as access to highly effective treatments for the patients. Biosimilars require lower Research & Development costs in comparison to innovator biologics. The lower priced biosimilars also downward the effect on the prices of reference biologics through the price competition among manufacturers. The significant cost-to-benefit ratio offered by is anticipated to increase its demand in the future. The available biosimilars are used to treat a wide range of diseases & disorders, including rheumatoid arthritis, cancer, infectious disorders, anaemia, psoriasis, kidney failure, post-menopausal osteoporosis, type 1 and 2 diabetes, and growth hormone disorders. The main target therapeutic areas for which several biosimilars are in pipeline include autoimmune disorders, oncology, diabetes, and hepatitis. Additionally, the biosimilars has a potential of development for other chronic disorders, such as meningitis, adult T-cell leukemia, breast cancer, obesity, and hepatitis E.
COVID-19 Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Biosimilars Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Dominates the Global Biosimilars Market
Europe is poised to have a largest regional market share. Growth in the region is primarily driven by factors such as impending patent expiry of biologic products, launch of new biosimilars, the growing prevalence of chronic disorders coupled with the emergence of new players as well as early entry into the market. Additionally, the European Union launched “Pharmaceutical Strategy for Europe,” in which the organization will help to unlock the full potential of biosimilar medicines.
The Europe has the regulation of biosimilar medicines by establishing solid framework for approvals and by shaping the biosimilar development all over the globe. From the time the region had approved the first biosimilar in 2006, healthcare professionals have gained experience with their use. At present, biosimilars are an important part of effective biological therapies that are available in Europe.
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Recent Developments:
July, 2021: The US Food and Drug Administration (FDA) has approved the first interchangeable biosimilar product for the treatment of diabetes with the approval of insulin glargine-yfgn (Semglee) to improve glycemic control in adults and pediatric patients with type 1 diabetes and in adults with type 2 diabetes, according to the FDA.
January, 2022: India's premier biopharmaceutical company Biocon is working on a pipeline of 20 biosimilar drugs or similar but not identical copy of biologic medicines, to tap the upcoming huge opportunity.
January, 2022: Hailing the benefits of 15 years of biosimilar prescribing in Europe, The Biosimilar Medicines Group has called on the European Medicines Agency to take stronger action to widen access to this type of medicine. The organization is part of the broader Medicines for Europe trade body, which represents leading companies developing and distributing biosimilars and generics in the region.
Browse market data Tables and Figures spread through 155 Pages and in-depth TOC on "Biosimilars Market by Product Class (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-Inflammatory Agents), by Application (Blood Disorders, Growth Hormonal Deficiency, Chronic and Autoimmune Disorders, Oncology), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/biosimilars-market-193320
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Biosimilars Market?
- How will the Biosimilars Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Biosimilars Market?
- What is the Biosimilars market drivers and restrictions?
- What will be the CAGR and size of the Biosimilars Market throughout the forecast period?
This market titled “Biosimilars Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 28.46 Billion |
| Projected Market Size in 2028 | USD 103.94 Billion |
| CAGR Growth Rate | CAGR of 25.6% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product Class • Monoclonal Antibodies • Recombinant Hormones • Immunomodulators • Anti-Inflammatory Agents • Other Product Classes Application • Blood Disorders • Growth Hormonal Deficiency • Chronic and Autoimmune Disorders • Oncology • Other Applications |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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